Skip to main content

Why Do Doctors Need Medical Malpractice Insurance?



Insurance of any kind is a fund that is paid regularly to offset any damage (claimed or proven) that others claim against you. For instance, you have car insurance in case someone is injured or if you recklessly hit another car. Medical malpractice insurance is insurance doctors pay in case someone is injured or sues them for something that happens during the operation of their business.

The Cost of Medical Malpractice Insurance

Like everything else, insurance costs rise based on the several factors, including inflation. However, due to the increased number of claims over the past several decades, healthcare professionals have found the prices of medical malpractice insurance to be prohibitive, and in many instances, the increase in insurance rates is passed on to patients. In some cases, the prices are so high that doctors have left their practices; other, more optimistic healers are limiting their practices to the safest and lowest-rated insurance risks.

The Need for Medical Malpractice Insurance

Many patients feel they have been wronged by the medical profession in some way and seek the counsel of medical malpractice lawyers and attorneys. Some attorneys are just really good at behaving like a nuisance-they file so many claims that doctors find it easier to settle the claims out of court, rather than risk being put on trial. Many times, wronged patients are willing to settle claims for $50,000 or $150,000, which is small change to the medical malpractice insurance company. However, the cost of the doctor's medical malpractice insurance premium goes up substantially, just as it does when you report an accident to your car insurer.

Why Does Medical Malpractice Insurance Cost So Much?

We are currently in the middle of a long-term healthcare cycle-the higher the cost of medical malpractice insurance, the higher the price of healthcare. The more a patient pays for healthcare, the more they feel the need to sue for outrageous judgments. Sometimes the awards are so high that there is no possible way that anyone will ever receive full payment; however, juries feel the need to set exorbitant awards to "teach" the providers a lesson. In some cases, judges have overturned or otherwise amended the awards. The only result of these awards is forcing a doctor (possibly) out of business-if he (or his medical malpractice insurance company) is expected to pay a multi-million dollar settlement.

Labels:

Popular posts from this blog

Selling Individual-Based Coverage: Medical Malpractice Insurance Broker

If you are interested in helping others help themselves, are independent and enjoy meeting people and striking up conversations, a career as a medical malpractice insurance broker might be for you. As an independent agent, or broker, you will help physicians find the right kind of malpractice coverage for their practice. Here is some background on the career or medical malpractice insurance broker that you should consider before deciding if this is the career for you. Basics Most of the time, insurance agencies will hire applicants with a college degree, specifically in business or economics, as well as a license to work in insurance. Insurance companies will require that you are capable to sell to the customers, to be independent in your occupation. As a medical malpractice insurance broker, you would have to have the training and/or experience to be able to sell sufficient insurance to different practicing doctors. Income If you are just beginning a career as a medical malpracti
Read more

Should There Be a Separate Law for A Specific Malpractice Medical Case?

There has been great controversy on the law and its application with regard to any specific malpractice medical case. The general laws are sometimes too general to do justice to the particularity of specific medical cases. Due to this failure, the doctors who actually commit malpractice escape through the loopholes that the general law permits them. It has long been debated that a specific malpractice medical case should be tried by a special type of court where the judge and jury should be sufficiently knowledgeable on the technical and non-technical factors of that type of medical case. For example, a cancer medical malpractice case should be treated as a specific malpractice medical case in the court of law so it can be easier for the law to take its course. Can a specific malpractice medical case help the claimant win faster? Theoretically speaking, a specific malpractice medical case filed as such can indeed focus the law on the specific factors better than general law.
Read more

Electronic Medical Billing Software

There are several reasons why people are attracted to medical billing and coding as a career. That is why it is no small wonder that medical billing and coding is the fastest growing career choices and occupations, according to the CareerInfonet website. Enjoyment This is perhaps one of the top reasons why people decide to go into the field of medical billing and coding. They work as medical billing specialists simply because they enjoy the healthcare field. Medical technology and anatomy are but child's play to them. They are trained for it so it's only logical that they go into that particular field in medicine where they can make use of their talents and skills. Understanding numbers and codes are also equally important. These are, after all, the scope of medical billing and coding responsibilities, all of which requires some specific knowledge and skills, not only in providing service but in using tools such as electronic medical billing software. Independence Med
Read more